Sold

2035 West 5th Avenue

Vancouver

Apartment Building
9 Suites

SOLD $1,600,000

Overview

Built in 1966, the subject property is a 9 suite frame apartment building located in Kitsilano on West 5th Ave., between Maple St. & Arbutus St. Five blocks to Kits Beach and close to public transportation, shops & restaurants.

Improvements

The subject property is a 3 storey wood frame building with stucco exterior and a newer torch-on roof. It is heated by a gas fired boiler replaced in 2003 with a newer commercial “quick recovery” hot water tank. The foyer is slate and the hallways feature newer commercial grade carpets. Three suites have been recently renovated and the remaining six suites are in average condition rented below market. Suites have hardwood floors, balconies/private yards and many newer stoves & fridges. Laundry machines owned by building. Parking for 5 cars.

Summary

Price$1,599,000
Units9
Price/Unit$177,666
GIM17
Year Built1966
Lot Size50' x 112'
ZoningRM-4
PID015-246-965
Sale Price$1,600,000
Sale Date11/03/2005

Suite Mix

 No. Units
Bachelor (unauthorized)No. Units1
One BedroomNo. Units7
Two BedroomNo. Units1

Financials

Assessment 2005
Land
Building
Total
Land$745,000
Building$455,000
Total$1,200,000
Taxes 2004
$8,207.71
Income and Expenses
Effective Gross
Operating Expenses
Net Operating Income
Effective Gross$94,116
Operating Expenses(18,663)
Net Operating Income$75,483
NotesPlease note that expenses do not include repairs & maintenance, vacancy allowance, property management or caretaker.

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by HQ Commercial.

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